Mature Company Stocks Are Not Bonds

Like many professional investors, I love companies that pay dividends. Dividends bring tangible and intangible benefits: Over the last hundred years, half of total stock returns came from dividends. Q4 hedge fund letters, conference, scoops etc Pexels / Pixabay In a world where earnings often represent the creative output of CFOs’ imaginations, [...]

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Vitaliy Katsenelson: Beats & Misses, Seen & Unseen

Wall Street glorifies companies that beat quarterly estimates by arguing that the long term comprises a lot of short terms. But beating earnings estimates for a few consecutive quarters doesn’t necessarily lead to long-term greatness. It assumes that significant changes to the business are visible in the reported numbers. Q3 [...]

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Questions I’d be Asking If I Owned Tesla Stock

Here’s a big question I’d be asking if I owned Tesla stock: What happened to 345,000 reservations? When Tesla's Model 3 was released, it was supposed to be a $35,000 car. Four hundred thousand people, including yours truly, put down a $1,000 deposit to reserve their spots in line so they [...]

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Self Talking And Self Control

I just finished a ten-page quarterly letter to clients and am taking refuge here to write about anything other than stocks. This scribble will be about a topic that I have been thinking about the last six months. I am somewhat embarrassed about it, because it’s a bit “me”-centered, [...]

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